Hunt Provides Fannie Mae Loan to Refi Citylights at Queens Landing
- Nov 18, 2015
New York—Citylights at Queens Landing, one of the residential buildings standing tall on Long Island City’s waterfront, landed a Fannie Mae loan facility to lock in a lower rate for an existing loan and complete major upgrades.
Hunt Mortgage Group announced last week that it has managed to provide an $87 million loan to Citylights at Queens Landing Inc., a New York corporation and cooperative. The loan is structured with a 20-year term and 19.5-years yield maintenance period.
“Hunt Mortgage Group originally financed the property in 2008 with an $80 million loan,” Steven Cox, Managing Director at Hunt Mortgage Group, explained. “The borrower secured this new financing to lock in a lower rate and to complete some capital improvements, including new roofs and ongoing scheduled upgrades. Overall, the property is above average in appeal and condition for this New York submarket.”
Located at 474 48th Ave. in the Hunters Point neighborhood, Citylights at Queens Landing was completed in mid-1990s as the first building of the $2.3 billion Queens West development master plan that transformed a contaminated and derelict area into a vibrant waterfront community with more than 3,300 housing units and more than 120,000 square feet of commercial space.
The 42-story building was designed by world-famous Pelli Clarke Pelli Architects and is situated on a single, 1.8-acre parcel. Citylights at Queens Landing includes 522 apartments with 506 functional units (some tenants combined neighboring apartments into single units,) as well as approximately 8,112 square feet of retail space along 48th Avenue, an elementary school that occupies 30,430 square feet, a laundry room, day care center, fitness center, and 527 parking spaces. Additionally, the roof space is leased to Radiate Media and the U.S. Coast Guard.
According to Hunt Mortgage Group, the Queens submarket posted a 3.4 percent overall vacancy rate in the first quarter of 2015, with an effective rent growth of 5.3 percent during fiscal year 2014.
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